SBV praised on its 65-year anniversary

Prime Minister Nguyễn Xuân Phúc hailed the SBV for its efforts over the last 65 years to curb inflation, stabilise the macro-economy and maintain stable growth for the country. — Photo VNA

Viet Nam News -HÀ NỘI — Prime Minister Nguyễn Xuân Phúc hailed the State Bank of Việt Nam (SBV) for its efforts over the last 65 years to curb inflation, stabilise the macro-economy and maintain stable growth for the country.

Speaking at a ceremony in Hà Nội yesterday to celebrate the bank’s 65th founding anniversary, PM Phúc highlighted recent achievements made by SBV, especially in accelerating the restructuring of credit organisations and improving the efficiency of its operations to lay a solid foundation for its future sustainable development.

He stressed that SBV should continue to improve the efficiency of its guidance and management, as well as keep a close watch on and accurately make forecasts for internal and external economic situations.

The bank is required to monitor and flexibly manage the tools of monetary policy in connection with fiscal policy and other policies while realising its goal of inflation control, ensuring the value of the Vietnamese đồng and maintaining a reasonable interest rate. It also must stabilise the foreign exchange market and increase foreign exchange reserves.

The PM asked the bank to focus on further promoting the restructuring of credit organisations and effectively addressing bad debts, while taking suitable measures to disburse credit funds for socio-economic development.

He also urged the bank to enhance the reform of administrative procedures to facilitate access to credit loans for people and enterprises.

The SBV should direct credit organisations to cut expenses, ensure appropriate lending rates and concentrate credit on prioritised fields, he said. In addition, it must enhance links with relevant ministries, sectors and localities, and regularly arrange dialogues with business associations and communities in order to swiftly resolve challenges facing their businesses and production, he noted.

On the occasion, the government leader also presented the Hồ Chí Minh Order to the SBV for the third time in recognition of its achievements and significant contributions to the country’s development.

After implementing the restructuring of credit organisations in 2011-15, the bank is managing seven State commercial banks, 28 joint stock commercial banks, six foreign banks and 50 branches of foreign banks, two joint-venture banks, one co-operative bank and over 1,000 people’s credit funds.

The central bank made breakthroughs in applying advanced technologies to its operations. It has also actively co-operated with international financial organisations such as the World Bank, the International Monetary Fund and the Asian Development Bank in order to expand partnerships and mobilise financial and technical assistance for the country. — VNS